What is Life Insurance?

Life insurance is a contract between you and an insurance company. The main purpose of life insurance is to provide a financial benefit to your loved ones in the event of an early death. Typical reasons for buying life insurance include paying for funeral expenses, providing mortgage assistance, supplementing educational expenses for children and spouses, replacing lost income, and helping to protect the value of an estate after the insured passes on.

Life Insurance offers a variety of benefits

Term Insurance:
This form of Insurance is for a specific term. Different terms range from 10, 15, 20, and 30 years. This is typically the least expensive Life Insurance coverage.

Whole Life:
This covers a clients entire life. The premium you pay is locked in and never increases.

Universal Life:
Typically has a fixed interest rate and can be used for estate planning as well as tax free income planning in retirement.

Indexed Life:
Much like Universal Life this product can be used for estate planning as well as tax free income planning, but is tied to different indexes of the market. Therefore, it has the potential for higher returns.

Second to Die:
These policies offer estate planning needs and can give a much higher death benefit relying on the age of a younger spouse.